Transfer student, need serious help

thumper1
Thu, 25 Jun 2015 12:53:38 +0000

To be honest, with an income of $209,000 a year, I’m surprised your EFC per fafsa wasn’t more in the $50,000 a year range. Do you have another sibling in college now as well? Very often, the FAFSA EFC is 1/4 to 1/3 of the GROSS income families earn. Everyone has taxes and FICA taken out of their pay. Any amount your dad contributes to his pretax retirement accounts annually is added back in as income for the tax year used for your FAFSA.

How did this FAFSA EFC only end up being $25,000 a year with a family income of $209,000 a year? That seems low to me…by about half.

The FAFSA EFC calculator gives you a FAFSA EFC. It does not give you an estimate of your net costs to attend any college. I’ll guess that your actual net cost, with a family income of $209,000 a year, will be more than $25,000 a year.

You are planning to live in the “office” of a community college VP? Please explain this one.

Advice?

1. If there is a counseling center at your community college, go there now. I mean the kind that offers psychological counseling. If you are depressed, you need to solve that issue FIRST. It's hard to make good decisions when your mental health isn't sound.

2. Talk to the transfer advisor at your CC. Every CC has one.

3. Who is paying for your CC many how much are they paying?

4. Get a job...that should have happened long before now. Your ECs won't help pay the bills.

5. What WILL your parents contribute for your college education annually?

6. You are not low income. You do not have financial need, because financial need is based primarily on parent income and assets. An income of $209,000 a year is never going to place you in the position of having financial need. It wouldn't give you need based aid at the most generous colleges in the country.

Most important…run the net price calculator on the college websites…that will give you a more accurate net price estimate than the FAFSA estimators. The net price calculator will be your best net cost estimate. BUT it will not be accurate if your parents are self employed, own a business, are divorced, or own real estate other than your primary residence. Do any of these things apply.